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May 14, 2026·SEC
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INNOVATE Corp.(VATE)Earnings, Financials & Key Ratios
VATE•NYSE
$13.63
Price updated Jul 7, 2026
AboutINNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. It provides industrial construction, structural steel, and facility maintenance services for use in commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants. The company also fabricates trusses and girders; and fabricates and erects water pipe, water storage tanks, tunnel liners, pressure vessels, strainers, filters, separators, and other customized products. In addition, it offers integrated solutions for digital engineering, modeling and detailing, construction, heavy equipment installation, and facility services; and steel and rebar detailing, and BIM modeling and management services, as well as equipment used in the oil, gas, petrochemical, and pipeline industries. Further, the company develops products for early osteoarthritis of the knee, and aesthetic and medical technologies for the skin. Additionally, it operates over-the-air broadcasting stations and Azteca America, a Spanish-language broadcast network. The company was formerly known as HC2 Holdings, Inc. and changed its name to INNOVATE Corp. in September 2021. The company was incorporated in 1994 and is headquartered in New York, New York.Show more
- Revenue$1.25B+12.5%
- EBITDA$65M-11.4%
- Net Income-$61M-75.1%
- EPS (Diluted)-4.84-77.3%
- Gross Margin14.62%-22.5%
- EBITDA Margin5.18%-21.3%
- Operating Margin2.74%-24.0%
- Net Margin-4.86%-55.6%
VATE Price & Volume
INNOVATE Corp. (VATE) stock price & volume — 10-year historical chart
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Persistent Margin Compression Masks Structural Solvency Risks
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Mixed
Profitability:Negative
Financial:Vulnerable
Cash Flow:Mixed
Primary Risk:High debt service burden
Key Thesis Takeaways
- INNOVATE Corp.
- faces a challenging outlook characterized by extreme revenue volatility and a deteriorating balance sheet, with negative equity reaching $246.8 million as of 2026Q1.
- While the company maintains low capital intensity with CapEx/Revenue ratios consistently below 3.0%, its inability to achieve sustainable profitability—evidenced by net losses in nine of the last ten quarters—raises significant concerns regarding long-term viability.
- Investors should remain cautious as the company's high debt load of $765.5 million and a precarious current ratio of 0.40 suggest limited operational flexibility in a volatile industrial construction market.
Verdict Logic
Negative: The company's persistent net losses and a debt-to-EBITDA ratio of 41.38 as of 2026Q1 indicate a high risk of insolvency that outweighs current valuation multiples.
VATE Growth Metrics
INNOVATE Corp. (VATE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years1.06%
5 Years11.69%
3 Years-8.7%
TTM25.37%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-26.86%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-26.49%
Return on Capital
10 Years3.06%
5 Years6.71%
3 Years11.02%
Last Year21.15%
VATE Recent Earnings
INNOVATE Corp. (VATE) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (100%)●Beat Revenue 7/12 qtrs (100%)
Q2 2026Latest
May 14, 2026Metric
Actual
Est
EPS
$1.29+40.9%
$2.18
Rev
$365M+44.9%
$252M
Q2 2026
Mar 26, 2026Metric
Actual
Est
EPS
$0.58+41.6%
$0.99
Rev
$383M+34.4%
$285M
Q4 2025
Nov 12, 2025Metric
Actual
Est
EPS
$0.71
—
Rev
$347M
—
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$1.67
—
Rev
$242M
—
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 14, 2026 | $1.29vs $2.18+40.9% | $365Mvs $252M+44.9% |
| Q2 2026 | Mar 26, 2026 | $0.58vs $0.99+41.6% | $383Mvs $285M+34.4% |
| Q4 2025 | Nov 12, 2025 | $0.71 | $347M |
| Q3 2025 | Aug 5, 2025 | $1.67 | $242M |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for INNOVATE Corp. (VATE)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $13.63 | $185.94M | -2.82 | 12.55% | -4.86% | — | 1.22% | |
| $10.05 | $756.12M | -3.30 | 4.79% | -12.3% | -49.61% | — | |
| $30.21 | $2.08B | -100.70 | 234.52% | -3.59% | -10.84% | — | |
| $16.60 | $762.4M | -3.06 | 43.81% | -13.85% | -35.45% | — | |
| $170.83 | $2.77B | 25.23 | 11.54% | 4.14% | 18.68% | — | |
| $47.86 | $532.97M | 24.29 | -10.03% | 0.73% | 2.39% | — |
Compare VATE vs Peers
INNOVATE Corp. (VATE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
VATE SEC Filings & Documents
INNOVATE Corp. (VATE) SEC filings — annual & quarterly reports (10-K, 10-Q)
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VATE Frequently Asked Questions
INNOVATE Corp. (VATE) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is INNOVATE Corp.'s revenue?
INNOVATE Corp. (VATE) reported $1.34B in revenue for fiscal year 2025. This represents a 673% increase from $173.0M in 1996.
How fast is INNOVATE Corp. growing?
INNOVATE Corp. (VATE) grew revenue by 12.5% over the past year. This is steady growth.
Is VATE profitable?
INNOVATE Corp. (VATE) reported a net loss of $52.9M for fiscal year 2025.
Dividend & Returns
Does VATE pay dividends?
Yes, INNOVATE Corp. (VATE) pays a dividend with a yield of 1.22%. This makes it attractive for income-focused investors.
What is INNOVATE Corp.'s free cash flow?
INNOVATE Corp. (VATE) generated $175.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.